2003 (6) TMI 336

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....s a company petition filed under section 433 of the Companies Act seeking winding up of the respondent company, known as Kamar Trading Co. (P.) Ltd. In substance, the winding up is sought on the allegations that petitioner company being the owner of certain equipments as also vehicles had supplied to respondent-company on hire. It is alleged that to secure the rights/obligation of parties and also....

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....ir inability to pay the dues i.e. a sum recoverable under an award. 2. Heard Shri H.Y. Mehta, learned counsel for the petitioner company. 3. Having heard learned counsel for the petitioner and having perused the record of the case, I find no case to entertain and/or admit this company petition and hence, it deserves to be dismissed in limine. 4. In my considered view, the remedy of petiti....

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....ng prima facie case on facts is made out for admission of winding up petition against any company. Indeed section 443(2) of the Act empowers this Court to dismiss the petition, if it is of the opinion that some other remedy is available to the petitioner for realisation of their dues or that they are unreasonable in pursuing the remedy of winding up. The reason is that winding up of any company is....